Budget 2020 Lancaster Housing Market Headlines

Following our article earlier this week, we can now bring you the updates from this week’s Budget speech.

The Chancellor of the Exchequer has delivered a multi-billion spending Budget, with significant investment for tackling the coronavirus outbreak and infrastructure improvements.

A new Stamp Duty levy is being introduced for non-UK purchasers. At 2% this is lower than anticipated and will not apply to purchases until April 2021.

£12 billion will be invested in The Affordable Homes Programme through a new multi-year settlement. There’s £1.1 billion to support 70,000 new homes in high-demand areas across the country, and the Housing Secretary is set to announce significant changes to the planning system today.

These figures seem impressive, but when you drill down and work out how many new homes they would pay for (over several years) it becomes clear the funding announced will barely make a dent in the actual shortfall of homes in the UK.

There will remain a significant gap that will need to be plugged in order to meet the government’s ambitious targets of 300,000 new homes per year. It will be interesting to see how this is addressed in the months ahead.

If you would like to discuss any issues raised in this Budget, or for advice on new Lancaster property investments, feel free to come into our office on Market Street in Lancaster and have a chat with John.